S’pore economy has made a remarkable recovery: PM Lee

Prime Minister Lee Hsien Loong says Singapore’s economy has made a remarkable recovery from a year ago.

He was reacting to Singapore’s strong economic performance for the first quarter of the year.

Speaking to the Singapore media in Washington DC, Mr Lee said he does not believe the strong growth will continue indefinitely because it is just not possible.

However, he said Singapore should make the most of the positive conditions to get the momentum going for longer term plans. These include upgrading Singapore’s productivity and transforming the country’s economy, going forward.

On his assessment of the 2-day Nuclear Security Summit involving 47 world leaders, Mr Lee called it a useful meeting.

He said US President Barack Obama did a good job in bringing the subject of nuclear proliferation to the forefront. This enabled the various countries to discuss and make commitments to mitigate the risk of nuclear terrorism.

During his stay in the capital, Mr Lee also had meetings with some members of the US administration and the business community on the sidelines of the summit.

He said the feedback he received was that they were quietly confident the US economy is recovering. However, Mr Lee said the US may not return to full robust growth.

But he noted that if the Americans keep on an even keel, that will provide the conditions for Asia to continue its growth and transformation.

Mr Lee heads to Chicago next where he is expected to give a speech at the Chicago Council of Global Affairs.

Source : Channel NewsAsia – 14 Apr 2010

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